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Financial Fraud Epidemic: India’s Biggest Scams That Left the Country Reeling

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As the country struggles to cope with the economic fallout of the coronavirus pandemic, it’s essential to remember that financial fraud has been a persistent problem in India for decades. From Vijay Mallya’s alleged Rs 9,000 crore loan default to the Punjab National Bank scam involving Nirav Modi and Mehul Choksi, here are nine of the biggest scams in Indian history that have left the country reeling.

Top Scams in Indian History

Vijay Mallya

Vijay Mallya, the liquor baron, owes various banks over Rs 9,000 crores after absconding the country. His alleged fraud and money laundering led to him being declared a fugitive economic offender under the Fugitive Economic Offenders Act.

Coalgate Scam

The Coalgate scam involved the illegal allocation of 194 coal blocks between 2004 and 2009. The Comptroller and Auditor General estimated the loss at Rs 1.86 lakh crore, making it one of the biggest financial frauds in Indian history.

2G Spectrum Scam

The 2G Spectrum scam led to the cancellation of over 120 licenses and involved former Telecom minister A. Raja. The CAG estimated the loss at Rs 1,76,000 crore.

Commonwealth Games Scam

The Commonwealth Games scam made headlines for its corruption and malpractices in 2010. Chairman Suresh Kalmadi was accused of criminal conspiracy, cheating, and forgery, while Indian athletes were forced to stay in terrible conditions.

AgustaWestland Chopper Scam

In the world of defense scandals, the AgustaWestland chopper scam stands out, involving a Rs 3600 crore deal signed between the UPA government and AgustaWestland. The scam alleged that many middlemen, including politicians and defense officials, received bribes to tweak the deal.

Satyam Scam

The Satyam scam, also known as “India’s Enron Scandal,” involved B Ramalinga Raju and his company Satyam Computer Services Ltd., which admitted to misrepresenting, manipulating, and falsifying their accounts worth over Rs 14,000 crore.

Hawala Scandal

The Hawala scandal dates back to the 1990s and involved politicians like LK Advani, Arjun Singh, Yeshwant Sinha, and Madan Lal Khurana, who were accused of receiving bribes through hawala brothers, also known as Jain brothers. The scam was estimated at $18 million.

Impact on the Country’s Economy

These financial frauds have left a lasting impact on the country’s economy, and it’s essential for authorities to take strong action against perpetrators to prevent such scams from happening again in the future.